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Planing for retirement assingment
Planing for retirement assingment
Planing for retirement assingment
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Interview What is retirement? The answer to that question may very well differ from person to person. One definition of retirement is a period where a person may begin to collect pensions or monies which had been save in a special account for when a person leaves the world of work. Another idea of retirement is simply the age at which people stop working completely. Some organizations are forcing older people to retire at age 65 doesn’t mean that they are incompetent to work. It is stereotypical to think that since they are 65 they can’t perform tasks up to par. According to the textbook, Adult Development and Aging, retirement is a complex process by which people withdraw from full-time employment. Retirement planning is …show more content…
Retirement can mean slowing down from your busy lifestyle to begin a more relaxing lifestyle. To me retirement means to enjoy all the things you worked hard for and to have but have yet to be able to enjoy. How people feel about or accept retirement can also differ from person to person. Life after retirement is dreadful for some, because of the uncertainty as to what retirement has to offer them. While for others it is an opportunity for leisure activities and to explore both old and new hobbies. I believe that every individual is different and unique. The intent of this paper is to show how two people of different genders view …show more content…
He is a husband and father of a high school age son and sophomore daughter, who attends U of H. He states his ideal goal when he retires is to be debt free. Coleman knows this may be a problem because he has a high cost dream. Also, he believes with the right amount of work and planning it can happen. Coleman has already set up different ways to have a retirement fund such as 401 accounts, IRAs, and savings accounts. He talked about his plan to make some investments to get a continual income and to buy some land over the next few years to lease it out for hunting and farming. I was impressed that he was currently looking at buying into gas wells. Another idea to prepare for his retirement would be to invest is in some stocks and bonds for additional monthly income. Coleman said he had figured up with all his wants in retirement, he needed at least a million dollars, which averages out to roughly two thousand a
The push for Congress to pass legislation protecting the rights of employees and their retirement was inevitable. Retirement plans are extremely important for all working individuals. Having funds to keep or exceed ones current standard of living and to enjoy one’s life beyond expectations after retire...
Aging and old age for a long time presented as dominated by negative traits and states such as sickness, depression and isolation. The aging process is not simply senescence most people over the age of 65 are not Senile, bedridden, isolated, or suicidal (Aldwin & Levenson, 1994). This change in perspective led the investigation of the other side of the coin. Ageing is seen as health, maturity and personal Royal growth, self-acceptance, happiness, generatively, coping and acceptance of age-related constraints (Birren & Fisher, 1995). Psychological und...
When you think about life and death, are you excited to live or are you scared to die? For many people all over the world, this becomes an intense thought and concern when they’ve reached a certain age. Suddenly, their life starts to flash before their eyes but slowly, as if taunting them that their youth has been lived and death is approaching. Or so it seems. There have been many studies to determine whether or not the “midlife crisis” is fact or fiction and I believe that The Swimmer by John Cheever reflects this myth in a thought-provoking and self-assessing way.
Prominent musician, Celine Dion, once said, “There’s no such thing is aging, but maturing and knowledge. It’s beautiful, I call that beauty.” To many, growing old is just a natural, beautiful part of life. It is inevitable. It is inescapable. The functionalist perspective of sociology states that the elderly perform a function in order to keep society running with ease. Functionalists focus on the disengagement theory and how people tend to disengage from society as they approach death. Symbolic interactionists focus on how environmental factors and relationships with others affect the aging experience, focusing on the activity theory and the continuity theory (Carl, 2011, p. 220). Conflict theorists focus on the discrepancies that arise between different age groups. They also focus on the economical side of aging and the issues that may arise due to an active elderly population (Carl, 2011, p. 221).
(Bendick, Brown & Wall, 1999). A new awareness of older workers has emerged as retiring
People of all ages should begin planning for retirement and managing their money well so they are ensured enough income when they do retire. Retirees estimate that people will need 71% of their pre-retirement income to maintain their current lifestyles. Stocks and 401(k) plans are recommended.FactsNonretired Americans with household incomes that average more than $50,000 assumes they won't be able to retire until age 59.More than a third of affluent retirees with children and grandchildren are helping to support them financially, as are 29% of all retirees. Also, nearly a quarter of all retirees whose parents are alive are helping them financially.Fully 48% of the affluent who aren't retired as well as of all people surveyed who aren't retired believe they have to work part time in retirement.
Retirement Retirement seems to be one of the most often overlooked areas of people’s future plan. Simply because it seems so far away, it is an area that is subject to procrastination. People are expected to live longer now than ever before, this is another reason why young adults and teenagers are not worried about saving for their retirement. The baby boom generation, the seventy seven million people born between 1943 and 1960, face an entirely different retirement plan. As they began to retire, people are starting to think that there will be no money left and this will turn into a crisis. What will happen when seventy-seven million baby boomers begin to want the money they paid in… but it is not there? Retirement provisions such as Social Security, IRA’s, and 401k’s are there to help when you are deciding how to save money. Social Security started a long time ago, in the 1930’s, when Franklin D. Roosevelt was president. He was elected president in November 1932. By March there were over thirteen million people that were unemployed, and almost every bank was closed. Franklin D. Roosevelt proposed a sweeping program to being recovery to business and to agriculture and relief to those who were in fear of losing their farms and homes to being unemployed. In 1935, recovery was slowing arriving, but more And more people were turning against Roosevelt’s New Deal program. This led Roosevelt to a new program of reform, which we know today as social security.
This reflection paper is based on the life history interview conducted on me and a 78-year-old woman who is soon going to celebrate her 79th birthday on Sep 21st. I would call her with a fictitious name “Smita” in the entire paper to maintain and protect her privacy. The interview was about our life. It was divided into six major life categories: childhood, adulthood, identity, the present, aging, and life lessons. Having an opportunity to interview a 78-year-old woman and writing this reflective paper about the life history and experiences had made me realize that I have a lot to learn about the stages of human life. Every individual lives are different and it varies tremendously. As an interviewee my goal was to collect the details of life, different stories, and experiences that makes our life unique from the rest of the people.
Late adulthood should be a time in a person's life where they feel fulfilled. They can look back on their memories and be happy with the way they have lived their life. Now, too many elderly people are not satisfied and look at this stage as depressing. Most fear death of either a loved one or for themselves. This topic is interesting to me because elderly people should make the best of their last stage of life. This topic discusses about getting older, the life changes that they go through physically, emotionally, and mentally. We should know more about it so that we can help our family and friends get through one of the best, yet toughest part of our mortal life.
When elderly people move into the last of life’s eight stages of psychosocial development, they enter the ego-integrity-versus-despair stage. This process is defined by looking back over someone’s life, evaluating it, then accepting it. People who become successful in this stage feel a sense of satisfaction and accomplishment. Erikson refers to this acceptance as integrity. This differs from generativity because one is accepting the end of their life, instead of accepting where their life will start in a sense of career and self. However, if one is to look back on their life with dissatisfaction, they may feel they have been cheated or missed opportunities. Such individuals will mostly be depressed or angry about the way life turned out and
Active ageing does not stop when elderly people retire, as they can remain active through their families, peers and communities. Active ageing aims to allow elderly people to realise and bring awareness to their own psychological, physical and mental well-being. As the goal of active ageing is the autonomy and independence of elderly people (Alexandre, Cordeiro, & Ramos, 2009). Ageing is a continuing life cycle, it is an ongoing developmental event that brings about certain changes in one’s own psychological and physical state. It is a time in one's own life where an elderly individual reminisces and reflects, basks and lives on previous accomplishments and begins to finish his life cycle.
Retirement is one of the most important crossroads we face in life. It involves a fundamental change in lifestyle, one that calls for a totally new outlook on how we approach each day. All our lives we have been conditioned to think in terms of saving for our retirement years. Society has created this mystique about this time in our lives when we magically transform into different people with different lives when really we are the same people with different day to day lives. According to Medina, (2012) planning for retirement isn’t a "walk in the park" because for many people, debts are high while income is low.
Social Security, Medicare, and Medicaid are all government programs that provide economic security to people who are retired, unemployed, or unable to work. Social Security is provided through payroll taxes called Self Employed Contributions Act Tax and Federal Insurance Contributions Act tax. Tax is taken by the Internal Revenue Service and is dispersed to the retired, unemployed, and to people who are incapable to have employment. Almost all people that are paid by salary as their income are taxed by FICA and/or SECA. Almost all legal United States citizens working in the United States now have their own Social Security number. Nearly all working residents, since Social Security came about in 1935, have a Social Security number required to get a job or to pay the IRS.
Social Security was founded on the idea that those who work extensively and hard should not become impoverished due to retirement or disability, nor should their families suffer in the event of early death. As the nation’s income protection program, Social Security supports families, not just individuals. Children, youth, and grandfamilies (grandparents and other relatives raising children) increasingly rely on Social Security as a safeguard against poverty, however their voices are often overlooked. More than 6.5 million children in the United States receive part of their family income from Social Security. One thirds of the 50 million people who receive Social Security benefits today is younger than age 65. If Social Security didn’t exist, the older generations would stay in their positions even longer not allowing for the younger generations to take their places in the workforce.
According to the researcher, different group of age has different resulted on the retirement age and among age 21 until 34 showed that 32 percent were agree on this retirement age, age group 35-54 were resulted in highest resulted which is 64 percent were agree on this new retirement age and the group of age above 55 were resulted in small percentage of agree which is only 4 percent. (Lai Cheng Tung, Jean Dennis Comeau. 2012). This study found that the different type of age group were resulted in different opinion about the new retirement age seen that at the middle age were have the most agree of percentage and this is due to the awareness on this new retirement age benefits.